Purchase Solution

What Happens to Your Estate After Death?

Not what you're looking for?

Ask Custom Question

What happens to your estate after your death.

Attachments
Purchase this Solution
Solution Summary

This solution outlines specific answers regarding what happens to your estate after you die.

Solution Preview

If you want the answer for what happens to your estate after you die, it's complicated and depends on if you left a trust (revokable or irrevokable) or a will. If it is a will, it goes through probate and it may take years to settle depending on what the will is. If it is a pour over will from the estate's trust, then you have another issue. All assets as explained in my previous answer are subject to inheritance tax depending on the state, the amount of the estate and if it is a trust or not.

The attached has much more info on estate taxes, etc.

Hope this helps!

THis should help you answer your questions:

The valuation date is the date of death. The federal government allows an alternate valuation date to be used, which is six months ...

Purchase this Solution
Free BrainMass Quizzes
MS Word 2010-Tricky Features

These questions are based on features of the previous word versions that were easy to figure out, but now seem more hidden to me.

IPOs

This Quiz is compiled of questions that pertain to IPOs (Initial Public Offerings)

Academic Reading and Writing: Critical Thinking

Importance of Critical Thinking

Balance Sheet

The Fundamental Classified Balance Sheet. What to know to make it easy.

Paradigms and Frameworks of Management Research

This quiz evaluates your understanding of the paradigm-based and epistimological frameworks of research. It is intended for advanced students.

View More Free Quizzes
Related BrainMass Solutions

  • Income in respect of a cash basis decedent:

    The income in respect of a cash basis decedent includes all of the income earned up to the time of death but does not include any source of income collected until after the decedent's death.

  • Homestead for Estate Purposes

    527284 Homestead for Estate Purposes State your opinion A will or trust is necessary if a decedent wants to control how his/her assets will be distributed upon passing.

  • Estate Taxes Example Problems

    Would your answer to (a) change if Jane was on the accrual basis of accounting at the date of her death? Question 1A In this situation, the dividends were declared prior to death, but paid after the death of Hershel Barker.

  • life insurance

    Estate Liquidity Extra cash may be needed immediately after your death. Need to Make Mortgage Payments Your mortgage needs to be taken care of when the cash needs is most prominent right after your death.

  • Death During the Term of a Lease

    If Ann dies during the period of the lease, what happens to the leased property? If Ann dies during the period of the lease, all of Ann's possessions and property that are in the building would become the property of Ann's next of kin.

  • Income in respect of decedent

    After the date of death, the estate received three checks from Decedent's former employer. Included in IRD.

  • Discern the legal relationships between landlords and tenants

    At the end of the period specified in the lease, the lease ends without notice, and possession of the office returns to Ted. If Ann dies during the period of the lease, what happens to the leased property? 200 words.

  • Tax of estates, trusts & gifts

    An estate asset is distributed to an heir three months after the decedent's death. e. Some estate assets have appreciated in value since the death of the decedent, f. Effect of the election on income tax basis. g.

  • Gross estate address including Van Gogh artwork

    For estate planning purposes, Susan has given the painting to the Van Gogh museum in Amsterdam with the understanding that Susan will retain the painting in her residence during her lifetime; the museum to get the painting after her death.

View More Related Solutions